Will Sioux Falls Adults be looking at $10K per capita debt in a couple of years?
l3wis Before all the math wizards start freaking out, I want you to know the numbers below are approximates, but close. One of the numbers I had trouble finding was the SF School District current debt. From looking at past data I believe it is hovering at that $100 million mark, but I am unsure, it could be higher. I based the number on their yearly debt service of $13 million which would put them a little above that $100 million mark. I’m also spit balling the city debt a bit, because I am basing that on 2017 numbers minus some major payoffs.
The Sioux Falls Adult population numbers are very, very close.
Where it gets a little sticky is I am using the entire county of Minnehaha’s debt while only including SF adults. I also leave Lincoln county out (I would be surprised if they had any debt) and the fact that NOT all SF adult residents live in the Sioux Falls school district.
Yes friends, living in Sioux Falls is a ‘Hot Mess’ of taxes. In fact your neighbor just across the street could be paying a different property tax rate than you, it’s that weird.
But, I also think the enormity of the numbers helps people better grasp that if you live in Minnehaha County, within the city limits of Sioux Falls and the SF School District, your per capita (govt) debt could easily reach $10K in the next 4-5 years.
This is why I often shake my head when the school district talks about $2 a month tax increase, or the Water Department talks about $.30 a month water and sewer increases, they never mention the current and future debt we will be taking on. It’s a boatload.
Realistically, how many adult working SF residents could cut a check for $10K tomorrow without borrowing it or hurting their personal finances? My guess it is probably less than 1%. We don’t live our lives this way, why should our government?
The irony is that our debt is half of what T. Denny is worth. Hint. Hint.
We could finally put the Sanford Falls sign up.
